DMG Consulting’s 2021 – 2022 Interaction Analytics Product and Market Report Highlights
DMG Consulting’s 2021 – 2022 Interaction Analytics Product
and Market Report, our 16th annual report on this sector, focuses on contact
center and service-related uses of interaction analytics (IA). It also covers
broader applications of IA throughout the enterprise, including its value in
operationalizing the findings from voice-of-the-customer (VoC), customer
journey analytics (CJA) and customer experience (CX) solutions. The Report also
examines the substantial benefits of embedding IA in third-party applications
to enrich their output and findings.
Interaction analytics has proven its effectiveness in both
the best and worst of times. During the COVID-19 pandemic, it became an
essential application for enterprises, not just contact centers, as it provided
insights into customer wants and needs as well as employee performance, data
that was unavailable from any other source. The output from IA applications
enabled companies to keep their employees safe, sustain the integrity of their
brand, adapt to an increasingly digital economy, and remain relevant during a
period of unprecedented upheaval and challenges.
Customers expect the companies they do business with to be
agile and responsive to their needs. Companies need to gather information about
customers’ concerns in order to provide this level of consistently outstanding
service. Voice-of-the-customer solutions (otherwise known as surveying) can be
used to solicit this data, but there is a risk of survey fatigue if this
process is used too often, and there are also times, such as during the
pandemic, when it’s inappropriate to ask customers for feedback. Interaction
analytics, however, is able to provide these necessary customer insights
because it is passive and gathers information without having to ask customers
to respond. Deriving vital data from customer interactions has allowed
companies to adopt a “customer-first” approach to service, enabling them to pivot
to address rapidly changing customer needs.
Enterprises also need data on how well their employees are
delivering service on an ongoing basis. Companies need inputs that can be used
in the moment to alter outcomes during customer interactions, as well as data
from past transactions to help identify patterns and opportunities to improve
performance. Interaction analytics is the only application that can provide
both real-time and historical information for analysis.
Digital transformation is occurring in companies at an
increasing rate, and companies that were putting off the transition to digital
service experienced a harsh wake-up call during the pandemic. Customers are
expressing a growing preference for digital transactions, particularly
self-service, and companies need to be prepared to respond in customers’
digital channels of choice. Interaction analytics is highly beneficial because
it can address voice and digital channels. Companies should use IA to gain
visibility into what is happening across channels and business units and obtain
a comprehensive understanding of the customer journey.
The world of work has also been transformed by the pandemic.
Work-at-home (WAH) is here to stay. Competition for agents has become fierce,
as digital transformation has expanded the prospective employee pool nationally
and even internationally. Interaction analytics addresses this challenge with
its ability to understand and analyze voice and digital interactions in
multiple languages. It can provide real-time alerts and next-best-action
guidance to agents regardless of where they are based. IA also provides
visibility and oversight into the performance of remote staff, which is
essential for an increasingly geographically dispersed workforce. Interaction
analytics can perform automated quality management (AQM), more accurately
overseeing agent performance and gathering customer insights than the
traditional manual methods of quality management. Together with robotic process
automation (RPA) solutions, IA can also be used to audit 100% of financial
interactions performed by agents.
- Interaction analytics is the best source for important
customer and employee insights: Interaction analytics solutions enable
companies to alter the outcome of customer conversations, responding in real time,
and to passively gather historical data that provides insights into customer
wants and needs as well as employee performance. This information is key to
enabling a company to be agile in addressing customer expectations for service
and for optimizing employee performance in delivering a consistently
high-quality customer experience.
- The digital transformation is driving the need for IA
solutions: Companies need to be prepared to respond to customers in their
channels of choice, which are increasingly digital. Interaction analytics follows conversations as
customers pivot from one channel to another, providing necessary insights into all
touchpoints in the customer journey.
- Interaction analytics is driving the quality management
process into the future: Interaction analytics can be used to perform automated
quality management, which can identify company and customer insights more
accurately than traditional manual quality management. This means that it can
help determine if agents are doing their jobs properly and are accurately
responding to customer needs in all channels.
- Companies will benefit from IA capabilities as they
transition to the “new normal” business world: Work-at-home and hybrid
workforces have become the norm. Companies need IA to oversee the performance
of remote and international employees. Interaction analytics can alert and
guide agents to the next best action, regardless of where those employees are